Amortization Schedule Calculator

See every payment of a loan split into principal and interest, by month or by year, with extra payments if you make them.

$
$
Schedule View
Fractions and decimals both work.
–
Monthly Payment
Total interest
Total paid
Payoff date
First payment split
Half paid off
Interest Saved

Amortization Schedule

Updates as you change the loan.

PeriodPaymentPrincipalInterestExtraBalanceRemove

How Amortization Works

Each payment first covers the interest that built up on the balance that month; whatever is left pays down the principal. Early on, most of the payment is interest. As the balance shrinks, more of each payment goes to principal.

Payment = L × r × (1 + r)n ÷ ((1 + r)n − 1)
Each month: interest = balance × r; principal = payment − interest; new balance = balance − principal

r is the annual rate ÷ 12 and n the number of payments. Interest is rounded to the cent each month, the way lenders do it, and the last payment is adjusted to clear the final few cents.

Worked Example

Tips

Extra principal payments go straight to the balance, so they cut every future month's interest. Even small amounts early in the loan save a lot. Use Download CSV to open the full schedule in a spreadsheet.